Does This Look Like A Market Anticipating A Recession Later This Year? April 4, 2022

Exxon Looking For Windfall Profits Tax Like Never Seen Before -- April 4, 2022

Re-posting:

US:

Exxon signals record quarterly profit from oil and gas prices: source;

Exxon Mobil Corp on Monday said its first-quarter results could top a seven-year quarterly record, with operating profits from pumping oil and gas alone of up to $9.3 billion. 

A snapshot of the largest U.S. oil company's quarter ended March 31 showed operating profits from oil and gas, its biggest unit, could jump by as much as $2.7 billion over the prior quarter's $6.6 billion. 

Exxon does not hedge, or lock in oil sales, and results generally match changes in energy prices. 

Russia's invasion of Ukraine pushed up oil by 45% last quarter over the final period of 2021, to an average of $114 per barrel, the highest in seven years.

Tale Of Two Countries -- April 4, 2022

France:

• four stories coming out of France:
• 45% of nuclear plants in France are off-line. Say what!
  
• Macron asking housewives to do their laundry on the weekend to save electricity;
• US coal hits record high as French power prices go limit up: source;
• number one destination for US LNG? France: source:

US:

• one story coming out of the US:     
• Exxon signals record quarterly profit from oil and gas prices: source;
  

As I told a reader, pardon the "French," but this is the year that the "sh*t" is going to hit the fan. 

It's gonna be Greta Thunberg and John Kerry for the French against Harold Hamm, et al, for the Americans. I could be wrong but I believe I read somewhere Greta never took a high school math course. Needs to be fact-checked.

Regardless, the French are going to find out how expensive renewable energy really is.

Ten Permits Renewed; One New Permit; Three DUCs Reported As Completed; And WTI At $105 -- April 4, 2022

Active rigs:

$105.30	4/4/2022	04/04/2021	04/04/2020	04/04/2019	04/04/2018
Active Rigs	35	13	44	62	56

One permit approved, #38867:

• Operator: Prima Exploration
• Field: Alexandria (Divide)
• Comments:
• Prima has a Yogi Bear State permit in SWSE 36-161-100; 
• to be sited 350 FSL and 1499 FEL;

Ten permits renewed:

• RimRock (4): four SKunk Creek permits in Dunn County
• Petro-Hunt (3): three Watterud permits in Divide County
• NP Resources (3) three Gracie State permits in Billings County

Three producing wells (DUCs) reported as completed:

• 37795, 284, Koda Resources, Stout 3409-1BH,
• 37797, 336, Koda Resources, Stout 3410-2BH,
• 37798, 516, Koda Resources, Stout 3427-3BH,

Notable: ten wells temporarily abandoned and well plugged by EOG:

• six Wayzetta wells;
• one Liberty, one van Hook, one Parshall, and one Fertile well;
• all in Dunn County

Correct Me If I'm Wrong, But Weren't We Here Before the Biden Surge Announcement? WTI At $105 -- April 4, 2022

Updates

Later, 9:37 p.m. CT: 

Original Post

Correct me if I'm wrong, but wasn't WTI at $105 when President Biden announced the biggest ever SPR release -- releasing in six months what it took 38 years to build and maintain? But correct me I'm wrong, wasn't WTI at $105 when President Biden made that announcement on the advice of his SecEnergy, a former beauty pageant champion? I could be wrong, but it seems it was $105.

Now, we posted this chart yesterday but it's been updated. US shale operators must be salivating. High crude oil prices for as long as the eye can see, again, thanks to President Biden upon advice from his SecEnergy, the former beauty queen pageant champion. 

But look at that, up $4.00 / bbl just a few months from now. In October / November, 2022, when folks are voting, WTI up over $3.00 / bbl.

Futures:

I mean, these numbers simply blow me away. For consumers? High prices at the pump for as long as the eye can see. 

With numbers like these, Saudi Arabia doesn't even have to react to the Biden Surge. The market is doing that for them. 

The only good news: at least "we" have energy -- more than can be said for the French. More on that later.

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In Reply

See first comment. The comment section won't load links, so I brought the comment up here. This should give readers something to do today.

Oil prices rose in pre-inventory trading early Wednesday after preliminary data from the American Petroleum Institute indicated US ​oil stockpiles decreased by a larger-than-expected margin while the US dollar fell to a 13 day low, and then extended their rally after the EIA reported US crude stockpiles fell by a bigger-than-expected 3.4 million barrels, cutting available inventories to their lowest since September 2018, and ​finished trading $3.58 higher at $107.82 per barrel... 

... but oil prices fell more than $5 early Thursday following reports that the Biden administration was considering the release of up to 180 million ​barrels of crude oil from the Strategic Petroleum Reserve over the next six months to try to lower oil prices and settled down $7.54, or 7%, at $100.28 a barrel, after touching a low of $99.66 a barrel after Biden announced the largest ever release from the Strategic Petroleum Reserve and called on oil companies to increase drilling to boost supply... 

... oil prices moved lower again on Friday as the member nations behind the International Energy Agency (IEA) agreed to join in the largest-ever strategic oil reserves release, and settled $1.01 or 1% lower at $99.27 a barrel​,​ after global manufacturers reported slower growth and far more pessimistic expectations for factory activity in March than ​at any other ​time this year.